I am planning to acquire a house and require a conveyancing solicitor in Sutton On Sea who is on the Santander approved. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Santander in certain locations such as Sutton On Sea. We dont recommend any particular firm.
My conveyancer has informed me that lack of building regulations insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Sutton On Sea?
The right level of lack of building regulations indemnity insurance should be dictated by who your lender. It would differ for example between Birmingham Midshires and Skipton Building Society. Conveyancing lawyers as opposed to members of the public take out such insurances.
We have agreed to purchase a house in Sutton On Sea. An unusual aspect is that the roof has a solar panel. Virgin Money have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Virgin Money your lawyer must follow the formal requirements contained in Part two of UK Finance Lenders’ Handbook for Virgin Money. The CML Handbook contains minimum specifications for solar panel roof-space leases, and solicitors are required to report to Virgin Money where a lease does not satisfy these requirements. The provisions relate to the installation of panels on properties countrywide and is not limited to Sutton On Sea.
Planning on purchasing a flat in Sutton On Sea. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Leeds Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Sutton On Sea lawyer is on the Leeds Building Society conveyancing panel.
Are there restrictive covenants that are commonly identified as part of conveyancing in Sutton On Sea?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Sutton On Sea. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying a new build flat in Sutton On Sea. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Sutton On Sea
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please confirm the Lease plans are surveyor prepared. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I am looking at a couple of apartments in Sutton On Sea both have about 50 years left on the lease term. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Sutton On Sea is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most buyers and lenders, leases with less than eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Sutton On Sea conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Sutton On Sea Leasehold Conveyancing - Sample of Questions you should consider Prior to Purchasing
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Its a good idea to find out as much as possible about the company managing the block as they will impact your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to every day matters like the cleanliness of the common parts. You should not be afraid to ask other people what they think of their service. In conclusion, find out the dates that the maintenance fees are due to the appropriate party and precisely what you get for your money. What is the service charge and ground rent on the property? Many Sutton On Sea leasehold apartments will have a service bill for maintenance of the block set on behalf of the freeholder. Where you purchase the apartment you will have to pay this contribution, normally periodically throughout the year. This can be anything from two or three hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a rentcharge for you to pay yearly, this is usually not a large amount, say approximately £50-£100 but you should to enquire it because on occasion it can be many hundreds of pounds.
I am just shy of a 10% deposit on my flat purchase in Sutton On Sea , but I still want to go ahead. Do I have options?
You can accept a lower deposit. Many property owners will accept a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment